Insurance Endorsements
An endorsement in the field of insurance is another name for a rider, an add-on benefit to your current insurance policy. Insurance endorsements allow the policyholder to make amendments or additions to the existing policy's terms, conditions, and coverage scope. Insurance companies offer endorsements for various types of insurance policies - motor, home, and life insurance - to name a few.
Highlights of Insurance Endorsements
Types of Endorsement in India
There are four kinds of endorsement in insurance:
They can be purchased on payment of additional premium
No additional premium is required
What is the Purpose of Insurance Endorsements?
Insurance endorsements intend to serve the following purposes:
Endorsements are a good way to correct any errors in the original existing policy. Errors may include inaccurate details of coverage, inaccurate personal details, or errors in the policy’s terms and conditions.
Policyholders can also change or amend the coverage of their existing policy with the help of endorsements. You can increase or reduce the limit of coverage on your policy, or even add/delete a rider.
With major events such as childbirth, marriage, buying a new house, etc., insurance endorsements can come in handy. They can help make the necessary changes in the original policy, keeping it intact, yet helping you to meet the changing requirements.
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Insurance Endowment Policy Everything You Want to Know
Key Benefits and Features of Insurance Endorsements in India
Help in addressing those items that are not present in the original policy
Help expand the scope of coverage in an existing policy
Helps add or include coverage for items that may otherwise be excluded from the policy
increase/decrease policy coverage
Update address/location on the existing policy
Make name changes to the policy
Can be used to name an additional insured member in the existing policy
Used for adding financial protection or coverage in the current insurance policy
Accounts receivable endorsements help businesses cover financial difficulties
The endorsement can be used to remove or exclude coverage from the existing policy for something not required anymore, thereby helping you save money
Insurance Endorsement - Inclusions and Exclusion
Insurance Endorsement - Inclusions
Correction of errors in the existing policy
Making changes/amendments to the current plan
Updating details with changed circumstances of the policyholder
Adding/deleting riders in the current policy
Cover for the accidental overturning of a commercial vehicle on the road
Insurance Endorsement – Exclusions
Coverage for certain types of claims
Earthquakes, floods, and nuclear radiation
War damage
Business-related liabilities
Preventable damage by the insured
Damaged or stolen equipment
Wear-and-tear damage
How to Get an Insurance Endorsement?
Documents Required for an Insurance Endorsement
Note: The documents required for making an insurance endorsement are likely to vary for the type of insurance policy that the endorsement is being sought for, such as car, bike, or home ownership transfer endorsement.
Insurance Endorsements Tips
Ask Anything as We Have Answers to Everything in Insurance
Endorsement is also known as a rider in insurance and refers to a document that makes amendments to an existing insurance policy to adapt to the changing financial requirements of the policyholder. An endorsement allows for changes in coverage and updating any missing details in the original policy.
